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RESTAURANT REVITALIZATION FUND | 9 Months Ended
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Sep. 30, 2023
Restaurant Revitalization Fund |
RESTAURANT REVITALIZATION FUND | 8. RESTAURANT REVITALIZATION FUND SCHEDULE OF RESTAURANT REVITALIZED FUNDS
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
June 1, 2021 (700,454 - Restaurant Revitalization Fund) – JJ |  | $ | 700,454 |  |  | $ | 700,454 |
Total restaurant revitalization fund |  | $ | 700,454 |  |  | $ | 700,454 |
Less - current portion |  |  | - |  |  |  | - |
Total restaurant revitalization fund, less current portion |  | $ | 700,454 |  |  | $ | 700,454 |
The following table provides future minimum payments as of September 30, 2023: SCHEDULE OF FUTURE MINIMUM PAYMENTS
For the years ended |  | Amount |
2023 (remaining three months) |  | $ | - |
2024 |  |  | 700,454 |
2025 |  |  | - |
2026 |  |  | - |
2027 |  |  | - |
Thereafter |  |  | - |
Total |  | $ | 700,454 |
June 1, 2021 – $700,454 – Global JJ Group, Inc. On June 1, 2021, Global JJ Group, Inc. (the “JJ”) executed the documents required for securing a Restaurant Revitalization Fund (the “RRF Loan”) of $700,454 from the SBA under the American Rescue Plan Act in light of the impact of the COVID-19 pandemic on the JJ’s business. The RRF Loan is administered by the SBA. The interest rate of the RRF Loan is 0.00% per annum and accrues on the unpaid principal balance computed on the basis of the actual number of days elapsed in a year of 365 days. No later than March 11, 2023 (the “Maturity Date”), the Company is required to pay the Lender any unused funds as well as any funds used for non-eligible expenses. The RRF Loan contains customary events of default relating to, among other things, payment defaults, making materially false or misleading representations to the SBA or the Lender, or breaching the terms of the RRF Loan. The occurrence of an event of default may result in the repayment of all amounts outstanding under the RRF Loan, collection of all amounts owing from the Company, or filing suit and obtaining judgment against the Company. Under the terms of the American Rescue Plan Act, RRF loan recipients can apply for and be granted forgiveness for all or a portion of the funds granted. Such forgiveness will be determined, subject to limitations, based on the use of the loan proceeds for payments of payroll costs, business mortgage obligation, rent, debt, utility, maintenance, construction of outdoor seating, supplies, food and beverage, supplier costs, and other business operating expenses. As of September 30, 2023, none of the notes payables, loans payables, and RRF loan noted above are in default. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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